Russia improves position in WEF global competitiveness rating

Russia improves position in WEF global competitiveness rating

Russia rose to the 43rd position from 45th in the Global Competitiveness Index (GCI) according a World Economic Forum (WEF) rating thanks to its macroeconomic stability, a moderate economic growth, falling inflation and a low state debt.

The WEF said that Russia’s strong points are the size of the domestic market, human capital and the level of basic digital infrastructure. The country’s weaknesses are poor development of the financial sector, regulatory and competition limits in some industries.

"Russia is the best among the Eurasian states. It is followed by Kazakhstan (the 59th position). Tajikistan is the worst in Eurasia, it holds the 102th place. But one should keep in mind that some states of the region – Turkmenistan and Belarus – are not rated as their statistics are not credible enough," PRIME cited the document as saying.

The index measures the countries’ readiness for the fourth industrial revolution. It comprises 12 indicators, including the quality of institutions, the condition of infrastructure, the consumer market, the labor market, the financial system, the size of the domestic market, health, education and skills, the dynamics of business development, the ability to produce innovations.

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